The dirt-cheap Xiaomi Mi Band fitness tracker finally got a launch date, as the gadget will reportedly hit retail in China on Aug. 18.

Xiaomi unveiled its top-notch, metallic Mi4 smartphone last month, unveiling the handset alongside a new Mi Band fitness device. With the wearable market increasingly gaining momentum, Xiaomi wants a piece of that pie and its offer is definitely worth considering.

While there are plenty of fitness trackers already available on the market, the new Xiaomi Mi Band has one great advantage over its competition: in typical Xiaomi fashion, the gadget comes with a dirt-cheap price tag for what it has to offer.

The Xiaomi Mi Band is a worthy rival to any fitness tracker out there, yet it costs only $13. The company offered no exact launch date when it unveiled the device last month, but a new report now reveals that the Mi Band will hit China on Aug. 18. The folks over at Phone Arena were the first to spot this launch date on a webpage on the Tmall China website.

It remains unclear for now just when the Xiaomi Mi Band will launch in more markets outside of China, but it is expected to become available in countries such as Singapore, Malaysia, and India, by the end of the year.

For those unfamiliar with the device, the Xiaomi Mi Band comes with a simple design and allows for some degree of customization through interchangeable wrist bands. Other than that, the gadget is mainly designed to enable users to monitor their health and fitness levels by connecting the Mi Band to a smartphone or tablet via Bluetooth. Moreover, it will also serve as a convenient and effective unlocking method for the device it's paired with. The Xiaomi Mi Band also comes with a good battery life, lasting for roughly 30 days on a single charge.

It remains to be seen when the Xiaomi Mi Band will hit more markets, but the device may never make it to U.S. shores. The company sells most of its products in China and India, enjoying increasing success. It may target more markets in the future, but it remains unclear at this point. For now, the U.S. may not be on the list.